The National (ice) Hockey League and the players' association have returned to negotiations for the first time in three months, looking to end the lockout that has threatened this entire season.

The sides met for about four hours Thursday at the NHL's office in Toronto, Canada. They plan to meet again either Tuesday or Wednesday. Reports say the union offered to slash player salaries by about 24-percent this year. But the NHL is seeking a permanent balance with overall revenues.

The NHL wants a salary cap after claiming to have lost nearly $2 billion over the past decade. The players have rejected the idea.

Nearly 400 regular-season games and the 2005 All-Star game have been cancelled since the lockout began in September.

Owners say teams lost $224 million last season. An economic study commissioned by the NHL found that players get 75 percent of league revenues. The union has challenged many of the NHL's financial findings. The league has been operating under the same collective bargaining agreement since 1995, when the last lockout went 103 days before a 48 game season was played. That deal was extended twice.